The precious metal continued its upswing as investor risk sentiment fell. Weak manufacturing reports and the latest WTO ruling heightens uncertainty for the global economy. Equity markets responded with their continuing declines for a second day. It was the worst decline in more than five weeks.
Can XAU/USD Maintain the Current Gains?
The bullish reversal in gold comes right after prices fell below the price level of 1485. Further gains are required as XAUUSD trades in the support/resistance area between 1485 and 1508. Unless gold prices close with clear gains above 1508, the current retracement could fizzle. This Friday’s payrolls report could be the catalyst.
